POLI 243 Chapter Notes - Chapter 1: Economic Liberalism, Political Philosophy, Mercantilism

• School: McGill University
• Department: Political Science
• Course: POLI 243
• Professor: Anthony Imbrogno

Document Summary

Distributional consequences: decisions about resource allocation influence how income is distributed between groups within countries and between nations in the international system. Welfare evaluation: a welfare evaluation is interested primarily in whether a particular policy choice raises or lowers social welfare. Evaluative studies: they are related most closely to our second abstract question, are oriented toward assessing policy outcomes, making judgment about them, and proposing alternatives when the judgment made about a particular policy is a negative one. It stresses that all individuals stand equal before law (without class privileges) and have only a voluntary contractual relationship with the government. It defends freedom of speech and press, freedom of artistic and intellectual expression, freedom of worship, private property, and use of state resources for the welfare of the individual. In economics, market failure is a situation in which the allocation of goods and services is not efficient.